India Conglomerates: Earnings Returned, but NAV Events Still Rule

The sector has a readable Q1 cell, though ten companies remain too concentrated for a pure aggregate call.

Analyst memo

The prior note is marked to the substantially loaded Q1 tape. Earnings no longer block the view; discount, demergers and capital allocation still dominate NAV. The exhibit separates aggregate, median, sub-industry and coverage evidence.

The note this updates

India Holdcos Update: NAV Optionality Remains, But The Sample Is Thin · June 30, 2026

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Executive Summary

On one aligned company cohort, Q1 revenue grew +15.4%, EBITDA grew +20.7% and PAT grew +39.4%; operating margin changed +0.49pp. The same-store aggregate compares with median-company revenue of +9.3% and median PAT of +6.0%. The Q1 FY2027 revenue-loaded coverage set contains 10 companies, or 71.4% of the sector's 14 classified names. Those reporters represented 96.2% of all loaded Q1 FY2026 revenue for that fixed universe. This is loaded analytical coverage, not regulatory filing completeness.

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